The UCO Bank scrip surged 4.6 per cent to Rs 28.50, after the state-run lender said on Tuesday (December 30) after market closing that it has restructured its equity capital. The bank has converted Rs 250 crore of equity (out of the total of Rs 799.36 crore) to perpetual non-cumulative preference shares, a move that would raise the EPS of the bank.
After restructuring, the government holding in the bank has come down to 63.6 per cent from 75 per cent earlier. The stock made a high of Rs 29.15 and a low of Rs 27.10 during the day, with trading volumes of 6.82 lakh shares (more than twice its two-week average).
